Iran’s Oil Exports Surpass 2mln bpd: Minister

Speaking at an open session of the parliament on Tuesday, Zanganeh said Iran’s crude oil production in the first five months of the Iranian year 1392 (three years ago) amounted to 2.7 mln bpd but it reached over 3.8 mln bpd in the same period this year.

The country’s oil exports two years ago were around one million bpd, he said, adding that the figure has reached over two million barrels per day this year.

The increase in the country’s oil production came after the removal of anti-Tehran sanctions under the Joint Comprehensive Plan of Action (JCPOA) between the Islamic Republic and six world powers.

The sanctions had barred foreign investments in the Iranian oil industry and imposed a low ceiling of one million bpd on the country’s oil exports.

Zangeneh had repeatedly emphasized that the Islamic Republic was determined to regain its share of the oil market that it had lost as a result of the sanctions.